A.M. BestTV: Global Mutual Insurers Flex Their Reinsurance Clout

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FOR IMMEDIATE RELEASE

OLDWICK - JUNE 10, 2014 12:24 PM (EDT)
In this special A.M. BestTV wrap-up report from the International Cooperative and Mutual Insurance Federation's (ICMIF) Meeting of Reinsurance Officials in Miami, mutual insurers and reinsurers from around the world discuss catastrophe risks and how they are evolving.

Shaun Tarbuck, the chief executive officer of ICMIF, said the organization is made up of mutual cooperative insurers and member-owned organizations from 73 countries all over the world, and is growing at a rapid pace. He said catastrophes are the major focus of the conference because of a shift in the public-private compensation system. "What we're seeing increasingly is governments pulling out of paying," Tarbuck said. "Who's going to fund all these disasters? It's going to be our sector, we believe."

The increasing threat of cyber attacks that can cause property and physical damage is also a topic on the minds of participants. Charlie Kingdollar, property/casualty emerging issues specialist at Gen Re, pointed to the Stuxnet malware that reportedly destroyed thousands of Iranian nuclear centrifuges, noting that should a similar event that was also a covered loss occur, it would be very costly to the industry. "It's become a much more dangerous world out there," said Kingdollar.

Other issues covered in the episode include the soft reinsurance market and Latin America growth. Click on http://www.ambest.com/v.asp?v=moro614 to view the video program. Look for daily wrap-up reports and interviews from Miami throughout the event at www.ambest.com/moro14 .

People who appear in this episode include:

• Shaun Tarbuck, Chief Executive Officer, ICMIF;


• Brian Secrett, Head of Catastrophe Reinsurance, Partner Re;


• Charlie Kingdollar, Property/Casualty Emerging Issues Specialist, Gen Re;


• Christoph Lamby, Board of Management Member, R+V Versicherung AG;


• Javier Vijil, President - Latin American & Caribbean Division, Transatlantic Re;


• Greg Lockard, Reinsurance Manager, Shelter Re; and


• John Andre, Group Vice President, A.M. Best Company.

Full-length interviews from the event also are available for viewing:

• Charlie Kingdollar, Property/Casualty Emerging Issues Specialist, Gen Re: http://www.ambest.com/v.asp?v=kingdollar614 .


• Brian Secrett, Head of Catastrophe Reinsurance, Partner Re: http://www.ambest.com/v.asp?v=secrett614 .


• Christoph Lamby, Board of Management Member, R+V Versicherung AG: http://www.ambest.com/v.asp?v=lamby614 .


• Greg Lockard, Reinsurance Manager, Shelter Re: http://www.ambest.com/v.asp?v=lockard614 .

Those interested in receiving conference coverage via email can sign up at www.ambest.com/review/GetAMBestTV. Auto-notification of the latest insurance news available on A.M.BestTV will continue every Monday, Wednesday and Friday.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.